Gold (XAUUSD) continues its ascent, rising to 2,670 USD

XAUUSD price has completed a downward correction and is steadily moving upwards. Growth is expected to continue, with the price reaching a new historical maximum of 2,685 USD. Find out more in our XAUUSD analysis for today, 16 October 2024.

XAUUSD forecast: key trading points

• Market focus: gold is approaching an all-time high of 2,685 USD
• Current trend: trading in an uptrend
• XAUUSD forecast for 16 October 2024: 2,630 and 2,685

Fundamental analysis

XAUUSD quotes continue to rise gradually after receiving active support from buyers in the area around 2,600 USD. Market participants are now focusing on the all-time high of 2,685 USD. If the price surpasses this level, it will open the potential for growth above 2,700 USD.

Gold is demonstrating a solid upward rally this year, driven by demand from global central banks and investors. Expectations of further US Federal Reserve rate cuts at its November and December meetings are an additional factor contributing to growth.

XAUUSD technical analysis

Gold rises steadily after a bullish, engulfing candlestick reversal pattern formed on the daily chart. This pattern signals the completion of the downward movement and an upward reversal. A strong uptrend is developing.

The short-term XAUUSD price forecast suggests that another decline to 2,600 USD could follow if bears return the quotes below the 2,630-2,625 USD support area. If bulls confidently secure prices above the 2,670 USD resistance level, the price will maintain its upward trajectory towards an all-time high of 2,685 USD and above. The growth scenario currently appears more likely.

Summary

Gold (XAUUSD) continues to rise in the uptrend, and the price could reach an all-time high of 2,685 USD in the near term.